According to a new study by Fact.MR, global bearing market growth will hover around 7% despite fundamental weaknesses induced by COVID-19 pandemic. Market players are readying for the opportunities as reversal of lockdowns has created stimulus in many markets. However, the uncertainty over second wave of the pandemic and lack of investor confidence can delay recovery to late 2021 or early 2022, according to the study.
Key Takeaways from Bearing Market Report
- Global bearing market is anticipated to witness over 7% CAGR through 2030
- Market growth highly dependent on automotive sector revival
- Ball bearing continues to be the top-selling product
- End-users continue to show marked preference for unmounted variants
- APAC will maintain a lead as the largest market throughout the forecast period
- Growing use of innovative bearing technology in construction creating new growth avenues
- Steady penetration of EV likely to create opportunities in the long run
Key Companies Profiled
Bearing Market – Segmentation
Key Segments Covered
- Ball Bearing
- Roller Bearing
- Plain Bearing
- Other Bearings
- Unmounted Bearing
- Mounted Bearing
- Bearing Balls
- Bearing Rollers
- Bearing Cages
- Bearing Rings
- Other Bearing Components
- Automotive Bearings
- Construction Bearings
- Aerospace Bearings
- Power Transmission Bearings
- Oil & Gas Bearings
- Agriculture Bearings
- Other Applications
EV Sales Can Open Up New Growth Avenues
According to Fact.MR analysis, use of bearings in EV can open up new avenues of growth for market players. While EV was growing steadily before 2020, the impact of the pandemic has been felt in this category as well. However, the long-term prospects of EV remain bullish, which in turn, is likely to create significant opportunities for bearing demand.
The recent outbreak of novel coronavirus has slowed down the global bearing market growth significantly due to the various restraining factors such as shutting down of manufacturing units during long lock downs, unavailability of enough manpower, scarcity of raw materials, decrease in demand, and others.
Furthermore, the main end-user industries such as automotive, aerospace, construction, and others have got negatively impacted due to COVID-19, resulting in decline in market growth.
According to Fact.MR, the effect of COVID-19 pandemic is going to last till the end of this year. However, recovery is expected by first quarter of 2022.
Key Questions Answered in Report
- Which are the most lucrative bearing markets?
- Which factors will impact the growth of the bearing market?
- How will changing trends impact the strategies of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading the bearing industry?
- What are the winning strategies of stakeholders in the market?
Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner.